• 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 18 hours European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days Demonising fossil fuels has caused major grid problem in Australia
  • 8 days "And this is perhaps the most dangerous kind of government there can be."
  • 3 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 5 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 329 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 7 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Rallies As White House Considers Ban On Russian Oil Imports

  • WTI crude rose 7% following the news that the White House is considering a ban on the import of Russian crude oil.
  • On Thursday, the White House had tersely dismissed the idea of banning Russian crude oil imports.
  • On Friday afternoon, the White House’s take on banning Russian crude oil softened.

Oil prices continue to inch higher, with new reports that the White House is considering a ban on Russian crude oil.

At 3:01 pm ET, WTI crude had risen to $115.20 per barrel, up nearly 7% on the day and up more than $20 on the week. Brent crude was trading at $117.70, up 6.58% on the day and up more than $19 on the week.

On Thursday, the White House had tersely dismissed the idea of banning Russian crude oil imports, pointing out that doing so could cause oil and gasoline prices to rise even more than they already had.

But other U.S. lawmakers have pushed for a full ban, including Speaker Nancy Pelosi (D-Calif.).

On the other hand, White House Press Secretary Jen Psaki downplayed the role Russian crude oil plays in the United States, adding that it only makes up 10% of the total crude oil that the United States imports.

But by Friday, the White House’s take on banning Russian crude oil softened.

The Biden Administration is now said to be looking at what can be done immediately to make up for Russian crude oil, should they take that route, White House Council of Economic Advisors chair Cecilia Rouse said on Friday.

“We are considering a range of options, but what’s really essential is that we maintain a steady supply of global energy,” Rouse said at a press briefing.

The United States imported 12.5 million barrels—or 405,000 bpd--of Russian crude oil and crude oil products in December, according to the Energy Information Administration’s latest monthly data. For straight Russian crude oil, the United States imported 90,000 bpd.

Crude oil production in the United States has stagnated at 11.6 million bpd according to the latest EIA data, down from 13.1 million bpd prior to the pandemic.

A ban on Russian crude oil and crude products could send oil—and gasoline—prices even higher.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • George Doolittle on March 04 2022 said:
    "Shell Oil.purchases massively discounted Russian crude oil" absolutely.

    Plus the entire Russian equity market has remained closed all week.

    Should make for an interesting Monday open if that disaster finally rings the bell. "Why blow up a French Bank when instead all of France be bankrupted?" Food for thought ... if their is any food out there at the moment.
  • Terry Du on March 04 2022 said:
    I guess the keystone XL pipeline is looking pretty good right now !!! clean canadian oil !!
  • only mho on March 05 2022 said:
    isn't Russian oil already effectively banned as a result of sanctions - how much oil was purchased on Friday ????

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News